Comparison Utility in a Growth Model

被引：17

作者：

Carroll C.D. ^{[1
]}

Overland J. ^{[2
]}

Weil D.N. ^{[3
]}

机构：

[1] Johns Hopkins University, Department of Economics, Baltimore

[2] University of Colorado at Denver, Department of Economics, Denver

[3] Brown University, Department of Economics, Providence

来源：

Journal of Economic Growth | 1997年 / 2卷 / 4期

关键词：

Endogenous growth; Habit formation; Relative consumption;

D O I：

10.1023/A:1009740920294

中图分类号：

学科分类号：

摘要：

We examine the dynamics of two endogenous-growth models in which agents have comparison utility. In the inward-looking economy, individuals care about how their current consumption compares with their own past consumption. In the outward-looking economy, they care about how their own consumption compares with other people's consumption. In response to a negative shock to capital, saving and growth will temporarily fall in both of the models that we consider but will remain constant in a model with standard preferences. The decline will be smaller in the outward- than in the inward-looking case, but utility will be lower in the former case because of a negative externality.

引用

页码：339 / 367

页数：28

共 25 条

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